Sagen MI Canada Inc. has announced robust financial results for the second quarter of 2024, reporting a net income of $151 million. According to a news release, this represents a $39 million increase from the same period last year, driven by higher net insurance service results and increased investment income.
In addition to the positive earnings report, Sagen’s board of directors declared a preferred share dividend of $0.3375 per Class A preferred share, Series 1. The dividend will be payable on Sept. 27 to shareholders of record at the close of business on Sept. 13. The company confirmed that all dividends are designated as “eligible dividends” for Canadian tax purposes unless stated otherwise.
The company’s total assets stood at $6.7 billion, with shareholders’ equity of $2.9 billion as of June 30, 2024.
On Thursday, In trading, Sagen MI Canada Inc.’s shares opened and closed at $20.35, with prices ranging from $20.30 to $20.70, according to The Globe and Mail. The trading volume was 9,800 shares over 15 trades, compared to an average volume of 6,460 shares over the past five days. Over the past 52 weeks, the stock has traded as high as $20.70 and as low as $15.51. Sagen’s shares have increased 7.27% in the last 12 months and 13.75% in 2024.
For more detailed financial information, including the company’s Management’s Discussion & Analysis, investors are encouraged to visit Sagen’s website or SEDAR+.
Sagen MI Canada Inc. is a large Canadian private sector residential mortgage insurer, offering mortgage default insurance and helping make homeownership accessible to first-time buyers through its subsidiary Sagen Mortgage Insurance Company Canada. Operating for more than two decades, the company is known not only for its service but also for its processing technology and risk management framework.
